Alembic Pharma's (Alembic) Q4FY19 result came broadly in line with expectations. The revenue/EBIDTA/PAT grew by 9%/3%/32% in 4QFY19. While the valsartan opportunity arising out of shortage in US continued to flow in this quarter, a muted performance in domestic formulation business (-1.3% YoY) and sequential decline in RoW business were key disappointments. Going forward, the growth in international business is likely to moderate in FY20 due to high base in FY19 and opportunities in key products (sartan based formulation and API) may reduce. Alembic spent nearly Rs18bn of capex over FY17-19 to set up advance facilities for manufacturing specialty products. The Capex...